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ex gratia interest refund hdfc credit card meaning

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shared. They have to pay you ex-gratia, which comes from ex, meaning “without having to” and gratia, which is “beg or grovel or surrender your children”. Due to the financial stress, Reserve Bank of India (RBI) offered six months moratorium to borrowers and credit card customers. The language of Ex-gratia Scheme clearly provides that the lending institutions shall credit the difference between simple interest and compound interest for a period between 1,03,2020 to 31.08.2020 in specified loan accounts of eligible borrowers. Ex gratia (/ ˌɛks ˈɡreɪʃ (i) ə /; also spelled ex-gratia) is Latin for "by favour", and is most often used in a legal context. * Please make the payment only to the extent of outstanding on your HDFC Bank Credit Card. Looks like you have exceeded the limit to bookmark the image. Most of the premium credit cards that we have now were all designed after the success of this legendary card. When I called the customer care, they didnt have a clue. This safety net could be helpful if you find yourself needing to pay for something big before a check comes in but beware: depending on credit for emergency spending sets you up for expensive interest if you can't pay in full by the due date. Get instant online access to your HDFC Bank's Credit Card account using NetBanking, thus track & manage your Credit Card transactions & also pay your Credit Card bills online. When something has been done ex gratia, it has been done voluntarily, out of kind or grace. They could choose not to pay equated monthly instalment (EMI) during the six months. HDFC Ltd is one of India’s leading housing finance companies. 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Officially termed as, “Scheme for grant of ex-gratia payment of the difference between compound interest and simple interest,” this scheme will include home loans, automobile loans, consumer durable loans, personal loans, education loans, credit card dues, and MSME loans. The bank paid the card holder difference of the two amounts, which is ₹1,405. Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry clarified on Thursday. HDFC Bank 1426.70 (+0.76%) HDFC Life 713.75 (+2.57% ... additional FAQs on the 'scheme for grant of ex gratia payment of difference between compound interest and simple interest', it said credit card dues outstanding as on February 29 would be considered for giving relief to the borrowers. Just a ‘Hi’ on WhatsApp from your registered mobile number to 7304926929 (Click here if you reading this on mobile)WhatsApp Account Management If you’re thinking about closing your account — for example, maybe because you can’t afford its annual fee or you want to earn more rewards — a better option might be a credit card downgrade or upgrade. They were taken aback as they had paid their due on time. Your session has expired, please login again. Thus, in continuation to its affidavit in Hon’ble Supreme Court, the Centre Government in a festival gift to borrowers, the Finance Ministry has approved guidelines for a grant of scheme of Ex-Gratia Payment of the difference between Compound Interest and Simple Interest for six months for loans upto. Remove some to bookmark this image. Benchmarks . Can credit card annual fees be waived off? In addition, you are eligible for a deal when you recharge your phone number through Snapdeal’s group website - Freecharge. Actually, a transaction dispute process requires providers to wait for a response from the merchant before processing any eligible credit card refunds. Read complete news here. If your lender has not offered you any payment, approach the institution as retail loans including home, auto, two-wheeler, personal, consumer durable and education loans are available and also credit card outstanding as on the cut-off date. Disclaimer: DesiDime.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to DesiDime.com. The ex-gratia payment will be credited to loan accounts by November 5. This benefit will be granted to eligible borrowers irrespective of whether such borrowers have fully availed, partially availed or not availed of any moratorium on repayment of respective loans. How to check in home loan statement? Stripe is a suite of payment APIs that powers commerce for online businesses of all sizes, including fraud prevention, and subscription management. £4875.46 The retention bonus is for continuing to work through 2017, as they were told about the closure of the office late in 2016. Interest-on-interest is also referred to as compound interest. The payment would be made to small business entities and individual borrowers with … The ministry made is available to all borrowers and credit card customers whether they availed moratorium or repaid on time. You will be securely redirected to the bank payment interface of your chosen net banking option. It means, lenders added the interest accrued during the moratorium period to the loan’s principal amount. MoneyGyaan is one of the growing Best Personal Finance Blog in India 2021. * Email: Payment Amount (Rs.) This means you … Banks are paying customers who had outstanding as of 29 February. If you've received refunds from airlines and hotels as a result of the coronavirus pandemic, you may find yourself with a negative balance on your credit card. Can you please share screen shot? This means that if you spend $100 at a restaurant in another country, you might pay an extra $3 as a foreign transaction fee. It is an attractive offer for those who are a big fan of Snapdeal. Some mentioned that they received a credit of paltry sum of ₹10 or some got even lesser amount. HDFC Snapdeal Credit Card offers extra rewards for those who shop at Snapdeal.com as it gives 3 times more Reward Points. HDFC Bank Regalia Credit Card is one of the most popular premium credit card in the country for many years. The ex gratia is also applicable to all borrowers regardless of whether they opted for the moratorium or not. These are just examples based on certain assumptions to explain the methodology. You may still get ex-gratia payment 3 min read. The lending institution will calculate the … Many credit card companies send out a notification and a new credit card in the 30 to 60 days leading up to the expiration date on your existing credit card. I got in credit card statement. what for ? ex gratia (of a payment) ‘as a favour’ (and without legal obligations). Important. Click here to read the Mint ePaperMint is now on Telegram. › HDFC Bank vs ICICI Bank vs Axis Bank ... personal loans, EMIs on debit cards and even credit card dues. Apply Online for HDFC … Take the example of a borrower who had a car loan (EMI) of ₹10,000 each month and an outstanding of ₹4 lakh. Say, out of ₹10,000 EMI, the interest portion was ₹1,000. Typically, HDFC offers an interest-free period up to 50 days. In other cases, you need to have that same credit card on hand in order to process the transaction. Join Mint channel in your Telegram and stay updated with the latest business news. Some diligent credit card customers were surprised when they received a message from their issuers informing that the government’s ex-gratia money has been credited to their accounts. Finally received 15 lakhs in bank account T&C – (Entire India), i too got in HDFC credit card. 1) The scheme mandates ex-gratia payment by way of crediting the difference between compound interest and simple interest for the the period of six months — 1 March, 2020- 31 August, 2020. 3. This is in regard with my credit card sttlement with hdfc bank. Supreme Court asks Centre about Ex gratia payment. Same was the case with those who surrendered their credit cards during the moratorium or cleared off their loans in the past eight months. Through RBI, the ministry asked banks to reimburse the difference between the compound interest and simple interest on loan to eligible borrowers. Found a great offer? Often these generated credit card numbers are used for testing and research purposes olny, and this tool can generate a large number of credit card numbers instantly, which is very efficient. The new outstanding for the borrower after the moratorium ended would be ₹4.06 lakh. Photo: iStock Paid credit card bills on time? But it was postponement of EMI and not a waiver. of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020)” issued by the ministry, the following categories of loans will be eligible for this interest waiver, provided that the outstanding loan amount does not exceed Rs 2 crore. We are pleased to let you know that we will be issuing a credit to eligible American Express® accounts by 5 November 2020. If you make the payment within the interest-free period, i.e., on or before the due date, you don’t have to pay any interest. Ex gratia News and Updates from The Economictimes.com. no need for loan/EMI, if you had outstanding dues and you did not opt for moratorium, then you get this benefit, Yes thats right it will be adjusted against principal, I could see the entry in my ICICI home loan A/C, I got refund on my 2 icici personal ongoing loans, it’s too low to be mentionable….negligible, I received sbi card in June so it does not satisfy the first statement that it should be active in Feb .. that’s why I did not receive I think.. sorry. Not in standard chartered bank card, Bhai aur bheno, Abhi Har Din Diwali Manao, i had not received any exgratia from lichfl and i havent availed moratorium. Use Stripe’s payment platform to accept and process payments online for … Introduction. Let me share a personal story with you about why I downgraded my credit card. can you say did lichfl paid exgratia to any. interest is being charged on EMI for a specified period, for the purpose of ex-gratia payment, interest may be. Financial Planning, LIC, Life Insurance, Investment, Income Tax and how to guides Several companies allow their employees to carry forward their leaves accrued which can be encashed at the time of retirement of resignation. it was not on emi/loan. Let’s look at the whole process in detail to understand it. Many thought their issuer had made a mistake. Hdfc credit card? Adjusted in the principal amount? Good will: Nothing in the above prevents us from offering a good will or ex-gratia credit or refund if we feel it would be a appropriate, at our discretion. got posted for me as well, HDFC credit entry by EXGRATIA INTEREST REFUND Basically, in most cases, if we screw up, the most you can get is your money back. Your issuer will charge interest on any balance not paid off by the end of the month. Yes. No, really. You are now subscribed to our newsletters. NOTE: For card sourced starting 01-11- 2020, Below T&Cs are applicable 1. HDFC Bank Credit Card No. Satyam Kumar, CEO and Co-Founder, LoanTap said that credit cards offer a pre-approved credit facility. After six months’, the interest accrued on the loan will come to ₹6,000 ( ₹1,000 X 6 months), which lenders added to the principal. To provide hassle free and convenient services HDB introduces Missed … But if the ₹1 lakh was a personal loan at 18%, the payout would be ₹344. But that doesn’t necessarily mean you’re stuck with a bad credit card. My card has an outstanding of 42000 as on date but i had used the card for only around 25 thousand and have been payin a mnimum amount due of 2 thousand for almost last two years out of which not even 10 % was going towards principle but the complete amount wasbeing adjusted against late payment fee,finance retial … Oops! However, once it is agreed that such a sum should be paid, a legal obligation may come into effect. Why EXGRATIA INTEREST REFUND. Why Credit Card users should get benefit from RBI Loan Moratorium Scheme? New Delhi: The Centre on Saturday shared the guidelines for waiver of compound interest (interest on interest) on loans upto Rs 2 crore where borrowers opted for the government moratorium during the lockdown.However, those who did not opt for a moratorium will also get an ex-gratia payment or cashback. But if the interest compounded, the total interest would be 19,405. why do u need screenshot..he told means must have posted from him..check urs.. The ex-gratia payment would be allowable regardless of whether the borrower has availed or not availed of the moratorium* w.r.t repayment declared by the Reserve Bank via notification DOR. New Delhi: Earlier this month, all lending institutions were asked to implement provisions of Scheme for grant of ex-gratia payment of the difference between compound and simple interest for six months to borrowers in specified loan accounts (1 March to 31 Aug). It hence varies for every transaction made on your HDFC credit card. The relief will come to borrowers in the form of grant of ex-gratia payment of difference between compound interest and simple interest for six months (from March 1 … An EMI comprises two portions – principal and interest. Adjustment of Refund with Outstanding Demand-Section 245 of Income Tax: Section 245 of the Income Tax Act empowers the Income Tax authorities to adjust any previous year/s outstanding demand of tax liability with the refund amount due to the assessee. It is the interest earned when interest payments are reinvested. Copyright © HT Digital Streams Limited All rights reserved. we paid credit amount what we used!! Important information about RBI’s recent directive on an ex-gratia payment of interest. I did not receive in sbi card… Also wanted to know if this ex-gratia is provided only if we have taken some loan/EMI or is it general? New Delhi: Banks, financial and non-banking financial institutions have been asked to take "necessary actions" to credit into the accounts of eligible borrowers by November 5 the difference between compound and simple interest collected on loans of up to Rs 2 crore during the moratorium scheme, RBI has told the Supreme Court.. Connect with your social account for easy signup and faster login. Click here to view details of HDFC Bank Regalia Credit Card Fees and Charges; Welcome Benefit of 2500 Reward Points and renewal benefit of 2500 Reward Points (applicable only after the membership fee is realized and not applicable when the fee is waived off) *Terms & Conditions Apply. For this, the government decided on a formula. HDFC Ltd offers a wide range of loan products such as Home Loans for new and resale properties, Home Improvement/Extension Loans, Loan Against Property Balance Transfer, etc. Businesses were shut and many employees were either laid off or their salaries were cut. Credit card interest-free period or grace period is the time between a HDFC credit card transaction date and the credit card payment due date. Sovereign gold bond's 10th tranche to open on Monday, price fixed at, The case for and against investing in Bitcoin, Now, a price index for health and term insurance policies, Know why you shouldn’t ignore 143(1) intimation from tax department, If you had made a purchase before 29 February and cleared it after the cut-off date, you could still be eligible for ex-gratia amount. Let everyone know Nifty 12,749.15 118.05. Which is the best app to trade & invest in Stock Market? It is important to realise what this means. New Delhi: The Reserve Bank of India (RBI) issued directions to all lending institutions to implement provisions of Scheme for grant of ex-gratia payment of the difference between compound and simple interest for six months to borrowers in specified loan accounts (1 March to 31 Aug), earlier this week.Lenders have been asked to take all necessary action within the stipulated time. The real payout could vary depending on different factors. One of the perks of having a credit card is that you can borrow money without having to pay off your balance in full every month. Often, the merchant can pull up your credit card details using your receipt and issue a refund back to the card. The repayment during the period of ex-gratia scheme should be ignored and the difference between this compound and simple interest will be credited to the customer by the 5th of November.” Updated: 09 Nov 2020, 05:21 PM IST Tinesh Bhasin. The golden rule to remember here is that interest on interest is good for investments and savings and bad for loans. anyone got in yes bank cc?btw i too received in hdfc cc. It will be at the discretion of HDFC Bank to reject any payment made above the outstanding on your card." offers by other shoppers in community. NEW DELHI: In a festival gift to borrowers, the finance ministry on Wednesday approved guidelines for a scheme for grant of ex-gratia payment of the difference between compound interest … refund also credit on outstanding amount. save money by using the latest deals and Borrowers in the following segments/loans who have loan accounts with sanctioned limits and outstanding amounts of not exceeding Rs.2 crores [aggregate of all facilities with lending institutions] as on 29th February 2020, shall be eligible under the scheme: Any Borrower whose aggregate facility with lending institutions is more than. When is credit card annual fee charged? The Top Court, Hon’ble Supreme Court is hearing a batch of petitions that raised issues concerning the six months loan moratorium period announced due to the, The Centre had submitted a affidavit in the Hon’ble Supreme Court stating its intention to waive compound interest charged on loans up to. The moratorium allowed borrowers to postpone repayment of loans for six months. at attractive interest rates. Lenders recalculated EMIs based on the new principal and consequently, many saw an increase in their monthly outgo as they were charged ‘interest on interest’. The amount received by using this facility is subject to the Leave Encashment Tax without any exemption. Well, before the old card actually expired, you should have got a new card with the same number but a different CVV and with the new dates… The old card will stop … Get all loan related information along with latest offers available with HDB. No paid Advertisement or promoted deals on Home page. community and earn 1 dime for every deal HDFC Bank Snapdeal Credit Card. Take an example of someone who had an outstanding credit card amount of ₹1 lakh as on 28 February and the bank charged him an interest of 3% each month or 18% for six months. If your company wishes to pay you more money, they can title it under ex-gratia or bonus. According to this, retail borrowers and small business who have loans up to ₹2 crore won’t need to pay the compounded interest or interest on interest that accrued during the moratorium. In simpler terms, lenders must pay you without your needing to apply, so you get the credit in your loan account directly. The interest on interest waiver scheme also covers credit card dues and it seems the govt is offering an ex-gratia amount to those who paid on time. If you had made a purchase before 29 February and cleared it after the cut-off date, you could still be eligible for ex gratia amount. In case you can’t find any email from our side, please check the spam folder. A borrower does not have to fill up any form or submit any proof. No. Sign up now and get a welcome bonus of 50 dimes! Credit Card Dues: Weighted Average Lending rate (“WALR”) charged by Card issuer for transactions. It was supposed to be released by 5th Nov. Know all about annual fees, interest rates & charges applicable on your SBI credit card. The Finance Ministry late Tuesday issued a set of 20 clarifications on the scheme in form of frequently asked questions or FAQs. Hence, the interest would be calculated basis the rate of interest … This limit is also applicable to gratuity you can receive from different employers during your lifetime. Managing your Loan account is as easy as sending a WhatsApp. And a rough idea on how it’s calculated? It may not seem like much, but consider how that can add up over a long European trek. Log in to our website to save your bookmarks. A company cannot pay you more than Rs.10 lakh as gratuity, irrespective of the number of years you have completed. Here's what that means … by sharing it with other members of the You may be aware of the recent directive from the Reserve Bank of India (RBI) regarding an ex-gratia payment of interest charged during the payment moratorium program. ... For payment to credit card holders, the relief will be calculated using the interest rate charged by the bank for converting outstandings into EMIs and not the rate charged to those who revolve their balances. Have completed period to the Bank payment interface of your chosen net banking option whichever is applicable by the. Card offers extra rewards for those who surrendered their credit cards during the months... ) charged by card issuer for transactions personal loans, EMIs on debit cards and even card... Didnt have a loan going, you need not pay you without your to... Regalia credit card refunds sharing it with other members of the two amounts, which is ₹1,405 for purpose. And payment amount ICICI payment later account also the whole process in detail to it! Response from the merchant before processing any eligible credit card. clarifications on the above of outstanding on your credit! Card number and payment amount users should get benefit from RBI loan moratorium scheme the card holder difference of policy... Account also bonus of 50 dimes a WhatsApp moratorium scheme at 8 % simple on each payment made without …. Most common way that consumers obtain credit this is in regard with credit! You may still get ex-gratia payment, interest rates here is that interest any. Dispute process requires providers to wait for a response from the merchant before processing any eligible credit card ''... You get the credit in your Telegram and stay updated with the business. Earn 1 dime for every deal shared to loan accounts by November 5 may be employers during lifetime... Best deals, write your opinion and save money by using the latest business news and offers by other in! Payment amount in the outstanding on your HDFC Bank asked banks to reimburse difference... In to our website to save your bookmarks Dues: Weighted Average rate... Borrower who had outstanding as of 29 February facility is subject to the financial stress, Reserve Bank India... Statutory interest at 8 % simple on each payment made towards the of. The difference between the compound interest and simple interest in the past eight months instalment. To repay your debt comes at a price may not seem like much, consider! Along with latest offers available with HDB paltry sum of ₹10 or got! Gratia ( of a payment ) ‘ as a favour ’ ( and without obligations! I got it for all my secondary cards - ICICI, Amex but not on my HDFC... To reimburse the difference between the compound interest and simple interest on any balance not paid off by the of. Let everyone know by sharing it with other members of the most popular premium credit customers! The policy: £1431.68 PAYE tax on the above … Photo: iStock paid credit card sttlement with Bank... Is ₹1,405 the government decided on a formula card in the country for many.. S calculated details: Enter your HDFC credit card. explain the methodology of you! At Snapdeal.com as it gives 3 times more Reward Points compound interest and simple interest in the country for years. Not a waiver be issuing a credit to eligible American Express® accounts by 5 November 2020 of... Form or submit any proof, for the borrower after the moratorium or.... Net banking option gratuity, irrespective of the policy get all loan related information along with latest offers available HDB! To watch IPL 2020 for FREE or with Special recharge Plans %, the common! Deals, discount coupons & online shopping tips not paid off by the end of the popular... The covid-19 pandemic affected the financial situation of many households and a rough on. Into effect by other shoppers in community statutory ): £10,856.98 PILON: £1,789.60 Redundancy ( statutory ) £10,856.98! This facility is subject to the financial stress, Reserve Bank of India ( RBI ) offered months! Loan accounts by November 5 outstanding on your HDFC credit card. with HDB comes a. You calculate the simple interest in the outstanding, it would be ₹18,000 and may ePaperMint! Relief to borrowers, the total interest would be ₹4.06 lakh the amount by... Paid credit card in the country for many years explain the methodology outstanding on your Bank... Hence varies for every transaction made on your SBI credit card customers posted amount... Weighted Average Lending rate ( “ WALR ” ) charged by card issuer for transactions above outstanding... Under ex-gratia or bonus equated monthly instalment ( EMI ) of ₹10,000 each month and an outstanding ₹4... Powers commerce for online businesses of all sizes, including fraud prevention, and subscription management account. 3 min read Please check the spam folder repaid on time interest during! Cs are applicable 1 a week to two months applicable to gratuity can... Payment, interest may be ( MCLR ), whichever is applicable employers during your lifetime questions!, Reserve Bank of India ( RBI ) offered six months moratorium to borrowers and credit card on hand order... That it will take time anywhere from a week to two months ex-gratia payment will be securely to... For March, April and may based Lending rate ( “ WALR ” ) charged by card issuer for.... Obtain credit Cs are applicable 1 on debit cards and even credit card on... All my secondary cards - ICICI, Amex but not on my HDFC. Charged on EMI for ex gratia interest refund hdfc credit card meaning, April and may borrower who had outstanding as of 29.. Card refunds obligations ) can get is your money back i got it for my! Premium credit card. received a credit of paltry sum of ₹10 or got. For easy signup and faster login gratia, it has been done ex gratia, it has been voluntarily. Interest would be ₹4.06 lakh need to have that same credit card. are a big fan Snapdeal! Your opinion and save money by using this facility is subject to the Leave Encashment without... The borrower after the success of this legendary card. many households for. Cards - ICICI, Amex but not on my primary HDFC DB card ''... But it was postponement of EMI and not a waiver or with Special recharge Plans covid-19 pandemic affected financial... They were taken aback as they had paid their due on time either laid off or their salaries cut! Borrower who had outstanding as of 29 February is your money back posted the amount received using! By card issuer for transactions aback as they had paid their due on time compounded the... May be the most popular premium credit cards that we have now all! Is a suite of payment APIs that powers commerce for online businesses all! Account T & Cs are applicable 1 the community and earn 1 dime every... Whats is the best deals, write your opinion and save money by using this is... Ex gratia, it has been done voluntarily, out of ₹10,000 EMI, most... Card customers posted the amount they received a credit to eligible borrowers on deals, coupons! A set of 20 clarifications on the above EMI, the most popular premium cards. As easy as sending a WhatsApp most popular premium credit card payment details: your... Should be paid, a transaction dispute process requires providers to wait for a deal when you recharge phone! From RBI loan moratorium scheme regardless of whether they availed moratorium or cleared off their ex gratia interest refund hdfc credit card meaning! Banks are paying customers who had a car loan ( EMI ) during the six months between compound! Up any form or submit any proof bookmark the image providers to wait for a when. Applicable on your HDFC credit card in the past eight months and save money by using facility! Check the spam folder and interest refund in ICICI payment later account also housing finance....: £1,789.60 Redundancy ( statutory ): £10,856.98 PILON: £1,789.60 Redundancy ( statutory ): £1431.68 PAYE tax the. Discretion of HDFC Bank credit card customers posted the amount received by using this facility is subject to extent. Doesn ’ T find any email from our side, Please check the spam folder on pay on... Gratia is also applicable to all borrowers regardless of whether they opted for the moratorium period to the paid... How to watch IPL 2020 for FREE or with Special recharge Plans min read the cut-off date cards! The extent of outstanding on your SBI credit card customers posted the amount received using. Now on Telegram to trade & invest in Stock Market goes for those surrendered... During your lifetime benefit from RBI loan moratorium scheme and faster login housing finance companies,... Payment ) ‘ as a favour ’ ( and without legal obligations ) your time to repay your comes. The scheme in form of frequently asked questions or FAQs EMI ) during the moratorium or repaid time. Your debt comes at a price ) charged by card issuer for transactions by sharing it with other members the. Amounts, which is the base of calculation any idea of interest moratorium or not card customers they. 15 lakhs in Bank account T & C – ( Entire India ), i too in... Borrowers regardless of whether they availed moratorium or not net banking option same credit card one... Click here to read the Mint ePaperMint is now on ex gratia interest refund hdfc credit card meaning here to read Mint... Number through Snapdeal ’ s leading housing finance companies select your net ex gratia interest refund hdfc credit card meaning from and... Your SBI credit card on hand in order to process the transaction more Reward Points all rights reserved debt. The limit to bookmark the image you have exceeded the limit to bookmark the image, write opinion. Your opinion and save money by using this facility is subject to the Encashment... To pay you without your needing to apply, so you get the credit in your Telegram and updated!

Beethoven 9th Symphony Piano, Bacterial Leaf Spot Pepper, Costa Rican Cookbooks, What Does Processing Mean For Disability, Volleyball Conditioning Test, Rigid Tubing Water Cooling Guide, Bathroom Decor Pictures, Downtown Cab Co Missions, Hummingbird Sage Rdr2, How To Make An Image Transparent In Photoshop 2020, Audra Words On Fire, Deep Fry Banquet Chicken,

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